KLCI up after volatile trade as UK heads to Brexit poll

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KUALA LUMPUR (June 23): The FBM KLCI rose 2.29 points or 0.1% after volatile trade as the UK decides today whether it should remain in or exit the European Union (EU).

At 5pm, the KLCI closed at 1,639.98 points. Earlier, the index vacillated between gains and losses within an intraday high and low of 1,642.15 and 1,634.94 points respectively as investors evaluated the impact of the UK's potential EU exit.

The UK's potential EU exit is popularly known as Brexit. In Malaysia, Inter-Pacific Research Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that Bursa Malaysia share trades "reflect the uncertainty of whether Brexit will or will not be the result of the referendum".

"The uncertainty is keeping the KLCI from climbing in a certain manner. It is trying to climb, but not quite succeeding," Pong said.

Across Bursa Malaysia, decliners led gainers by 406 to 305. Volume was 1.11 billion shares valued at RM1.44 billion.

Top decliner was Far East Holdings Bhd while top gainers included United Plantations Bhd and Tenaga Nasional Bhd. The most-actively traded counters included AirAsia Bhd and Bumi Armada Bhd.

Across Asian share markets, Japan's Nikkei 225 climbed 1.07% while Hong Kong's Hang Seng rose 0.35%.

Reuters reported that the sterling rose and Asian stocks crept higher in cautious trade, despite many investors seeking shelter in safe-haven assets such as the yen and government debt on the heels of Britain taking to the polls today on whether to remain in the EU.